- Bitcoin price could stay in consolidation before volatility returns, but declines to $10,000 are still possible.
- Ethereum is retreating towards $320 and $300 levels due to the lack of robust support.
- Ripple bulls have started to regain control after losses hit pause at $0.24.
It is a time of uncertainty in the cryptocurrency market. Price actions have remained sluggish across the board. On the downside, selling activities appear to be gaining momentum with Bitcoin having lost a subtle 0.12% on the day. Ethereum is also in the red after losing 0.8% of its value, while Ripple is trading 0.56% lower daily.
Regarding the top 50 cryptocurrencies, the biggest losers include Compound, down 12% in the last 24 hours, UMA down 12%, OMG Network down 13%, Yearn.finance down 16%, and Aave down 18%. The only bull among the sloths of bears is EOS, which broke out massively as reported on Tuesday.
Bitcoin on the verge of a breakdown to $10,000
The flagship cryptocurrency is doddering at $11,590 at the time of writing. Earlier in the week, bulls regained control, pulling the price to $10,800. However, bears swung into action, overwhelming the buying pressure.
According to the Relative Strength Index (RSI), BTC is weighed down by selling pressure. Moreover, a symmetrical triangle could imminently break down, paving the way for losses towards $10,000. It is essential to keep in mind that support at $10,200 will absorb some of the selling pressure, hence cushion the bellwether cryptocurrency from plunging drastically. For now, the path of least resistance is downwards, especially with the 50 Simple Moving Average limiting price action at $10,684 in the 4-hour timeframe.
BTC/USD 4-hour chart
IntoTheBlock’s IOMAP model illustrates the largest resistance areas between $10,602 and $10,911. Here, 2.1 million addresses previously bought 1.4 million BTC. If this seller congestion zone flips into support, the price can rally above $11,500.
Bitcoin IOMAP chart
On the downside, immense support is highlighted by the model. In other words, the pioneer cryptocurrency could continue with the sideways price action until volatility returns either for a breakout or a breakdown. Meanwhile, the most robust support sits between $9,327 and $9,655. Here, roughly 1.3 million addresses previously purchased 832,000 BTC.
Ethereum renews the bearish narrative to $320
Ethereum has since September 23, been holding within an ascending parallel channel. Recovery towards $400 fizzled out slightly above $360 last week. On the downside, the losses that followed embraced support at $335 over the weekend, allowing the smart contract token to rally, gaining ground above $350. Unfortunately, selling pressure in the market stopped the uptrend at the 50 SMA and 100 SMA. Ether dipped below the ascending channel, confirming a bear flag.
ETH/USD 4-hour chart
At the time of writing, ETH/USD is trading at $337 amid a developing bearish momentum. The selling pressure is illustrated by the Moving Average Convergence Divergence (MACD) as it dips into the negative territory. The bearish divergence beneath the MACD paints a bearish picture for Ethereum as well.
IntoTheBlock IOMAP model reveals the most vigorous resistance from $349 - $359. Previously, 886,000 addresses bought approximately 14 million Ether that range. The seller congestion in this area has the power to absorb most of the buying pressure, delaying the possibility of a breakout above $360.
Ethereum IOMAP chart
On the downside, the absence of a substantial support area shows that Ethereum is in grave danger of spiraling to $300. Besides the multiple subtle support zones, the most profound one lies between $298 and $309. Previously, roughly 879,000 addresses bought nearly 2 million ETH.
Ripple holds above $0.24 as bulls swing back
Ripple made a remarkable recovery from the lows traded in the first week of October at $0.228. Resistance at $0.25 delayed the rally, but XRP finally shot above it, closing in on $0.26. Gains towards $0.3 become unattainable owing to the uncertainty and selling pressure across the crypto market.
XRP/USD retreated to $0.24 before reversing the trend to the current price of $0.2450. The 100 SMA in holding the price in position. The RSI is in the middle of recovery to the midline. Action heading to the oversold area will result in more buying pressure likely to pull XRP above the 50 SMA in the hourly timeframe.
XRP/USD 1-hour chart
According to Santiment, a renowned on-chain data platform, the exchange outflow of XRP tokens has gone up significantly. The exchange outflow metric measures the volume of tokens moving out of exchanges and into non-exchange wallets. It is common for such large movements to precede declines in the price of an asset. The chart illustrates an outflow of 26 million XRP on October 6 just before the price dipped to $0.24. If the outflow continues to surge, XRP could drop further, but if it goes down, the price could stabilize, continuing the uptrend.
Ripple exchange outflow
Daily takeaway
Bitcoin holds above $10,500, following the rejection at $10,800. The symmetrical triangle pattern highlights the possibility of a breakdown to $10,000, if not $10,200. IntoTheBlock (ITB) also shows the likelihood of consolidation taking precedence in the near term.
Ethereum’s path of least resistance remains downwards, especially with the price trading under the bear flag. ITB illustrates the absence of an important support area, hence the possible breakdown. A tough resistance will also delay price action above $360.
The fourth-largest cryptocurrency is heading north at the time of writing. The 100 SMA in the hourly range is holding the bullish case in place. More action is expected to $0.25 now that the exchange outflow is reducing.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000

Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears

Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage

Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin price notes minor decline as US Nonfarm Payrolls report creation of 199K jobs

The United States Bureau of Labor Statistics (BLS), in its Nonfarm Payrolls (NFP) data, reported the creation of 199K jobs in the month of November, wildly surpassing the expectations of 180K jobs. This data, while expected to have a significant impact on the market, ended up being a low-impact event on Bitcoin price and other crypto assets.